Charlotte, N.C. — More development could follow purchase of remaining interest.
Charlotte, N.C. — Campus Crest Communities has closed on the purchase of the remaining 50.1 percent interests in The Grove at Huntsville, Texas, and The Grove at Statesboro, Ga., from Harrison Street Real Estate Capital (HSRE). The $13.5 million acquisition increased equity interest in both properties from 49.9 percent to 100 percent. Both properties include excess land for future development of additional phases of approximately 240 beds each. Campus Crest also closed on $28.7 million of term loans for the two properties, which were provided by Citibank, N.A. The loans replace more expensive construction debt.
On Dec. 29, 2011, Campus Crest also closed on a term loan for The Grove at Conway, another HRSE joint venture project. In total the company closed on $77 million of Citi-funded term loans secured by six properties during the fourth quarter of 2011. The other three properties are The Grove at Lawrence, The Grove at Moscow and The Grove at San Angelo, which are also HSRE joint venture projects that were financed in October 2011. “With the completion of these acquisitions, we have now purchased wholly-owned interests in five properties from HSRE,” said Ted Rollins, co-founder, co-chairman and chief executive officer.